Allegheny Technologies Inc. (ATI, $49.48, -$0.46, -0.92%) has agreed to acquire fellow metal-products maker Ladish ($45.81, +$16.48, +56.19%) for about $778 million in cash and stock. Ladish shareholders will get $24 and 0.4556 share of Allegheny for each share they own. That values Ladish at $46.75 a share, a 59% premium to Tuesday's closing price.

A U.S. Food and Drug Administration panel of outside experts recommended Tuesday that the agency approve lupus drug Benlysta, developed by Human Genome Sciences Inc. (HGSI, $25.18, -$0.71, -2.72%) and GlaxoSmithKline PLC (GSK, $39.72, +$1.18, +3.06%). The weakness in Human Genome shares Wednesday may have been powered by concerns over labeling limitations that might be included in the drug's approval and the previous high expectations of the panel's success. Bank of America and Citigroup both cut their stock-investment ratings on Human Genome Wednesday.

VeriFone Systems Inc. (PAY, $32.61, +$0.77, +2.42%) announced plans to acquire fellow e-payment company Hypercom Corp. (HYC, $7.05, +$0.92, +15.01%) for about $400 million in stock in a deal that is intended to boost VeriFone's presence in Europe.

Rino International Corp. (RINO, $6.07, -$1.08, -15.10%) shares plunged Wednesday after the Chinese pollution equipment maker postponed a conference call to discuss its third-quarter results, intensifying investor concerns about the recent fraud allegations against the company. The shares are currently halted pending news.

Other Stocks In Focus:

J.P. Morgan raised its stock-investment rating on Avid Technology Inc. (AVID, $14.90, +$0.59, +4.12%), a creator of digital audio and video technology, to neutral from underweight, as the firm said it's getting more constructive regarding the company's near- and long-term prospects.

Avanir Pharmaceuticals Inc. (AVNR, $4.40, -$0.22, -4.74%) disclosed the terms of its planned stock sale, saying it will offer at least 20 million shares at $4.40 each, a 4.8% discount to Tuesday's close. The drug developer has about 90 million shares outstanding.

Bank of Kentucky Financial Corp. (BKYF, $17.50, -$0.99, -5.35%) said its stock sale will raise more than expected as the deal priced at $17 per share, an 8.1% discount to Tuesday's close. The bank now plans to sell at least 1.5 million shares; it projected selling a minimum $21 million in disclosing the plan Tuesday. There are 5.7 million shares outstanding.

Barnes & Noble Inc. (BKS, $15.00, +$0.59, +4.09%) investors on Wednesday backed a shareholder-rights plan that prevents an outside investor from acquiring 20% or more of the company's shares without board approval.

BJ's Wholesale Club Inc.'s (BJ, $47.43, +$1.26, +2.73%) fiscal third-quarter earnings rose 32%, topping its own estimates, as sales rose and the warehouse retailer had a year-earlier charge related to a legal settlement. The company also raised current-year earnings estimates.

Bob Evans Farms Inc.'s (BOBE, $32.63, +$2.81, +9.42%) fiscal second-quarter earnings plunged by half on restructuring impacts, but the restaurant-chain operator expects profit for the year to top prior forecasts.

Comerica Inc.'s (CMA, $37.31, +$0.57, +1.55%) directors have approved plans to double the company's dividend and repurchase stock and warrants, coming as federal regulators are set to allow the nation's biggest banks to start doing the same.

Global Hunter Securities initiated coverage of Dril-Quip Inc. (DRQ, $73.93, +$2.07, +2.88%) with a stock-investment rating of buy. It said the maker of offshore drilling equipment has actively invested in capacity expansion, which will allow it to turn its backlog over quicker and improve earnings power as early as 2012, something the firm believes the market is overlooking.

Credit Suisse raised its stock-investment rating on retailer GameStop Corp. (GME, $21.38, +$0.53, +2.54%) to outperform from neutral, saying "expectations are modest at best, sentiment is negative, short interest is high, valuation remains among the cheapest in retail, and the outlook is improving."

Giant Interactive Group Inc.'s (GA, $7.01, +$0.14, +2.04%) third-quarter profit rose 2.6% as higher revenue was more than offset by cost increases as the Chinese online-game company's player base continued to grow.

Griffon Corp. (GFF, $12.41, -$0.47, -3.66%) swung to a fiscal fourth-quarter loss on higher expenses driven by a takeover and restructuring costs, as the conglomerate's plastics division was the only one to grow sales and earnings.

Hot Topic Inc. (HOTT, $5.89, +$0.45, +8.27%) barely kept itself in the black in its fiscal third quarter, as the teen retailer's earnings plunged 93% on a write-down, weaker sales and lower margins. The company also said it has a new plan to cut costs, including closing 40 to 50 underperforming stores and reducing its capital expenditures next year.

Morgan Stanley cut its stock-investment rating on Patterson-UTI Energy Inc. (PTEN, $19.63, -$0.42, -2.09%) to underweight from overweight, saying the driller has significant downside if the domestic natural gas rig count were to roll over, given the company's high exposure to the spot market.

PDC Energy (PETD, $33.35, -$3.15, -8.63%) unveiled plans to sell at least 3 million shares and $100 million of 6-year convertible notes to fund acquisitions and planned 2011 capital spending. The oil-and-gas company is projecting 2011 capital spending of $260 million to $300 million, compared with 2010's initial forecast of $150 million.

Perry Ellis International Inc.'s (PERY, $23.25, +$1.90, +8.90%) fiscal third-quarter profit surged 73% on rebounding margins and sales. As earnings smashed analysts' expectations, the clothing maker boosted its profit target for the year a third time, as revenue is seen at the higher end of prior expectations.

Qualcomm Inc.'s (QCOM, $48.00, +$1.62, +3.49%) chief executive said the wireless semiconductor company is targeting double-digit revenue and earnings growth over the next five years as it continues to benefit from soaring demand for mobile devices.

Hedge-fund operator and activist investor Ramius LLC disclosed it has acquired a 12% stake in SurModics Inc. (SRDX, $9.20, +$0.87, +10.44%) and announced that it has nominated three candidates to the maker of drug-delivery technology's nine-member board. It is pushing for changes as it cited the "long-term underperformance" of SurModics' business and stock.

Warner Music Group Corp.'s (WMG, $5.42, -$0.44, -7.51%) fiscal fourth-quarter loss widened as revenue slid and the music company booked increased severance charges.

Electrical industrial-supply company Wesco International Inc. (WCC, $46.22, +$2.33, +5.31%) said it will buy TVC Communications LLC for about $246.5 million from Maryland private-equity firm Palisades Associates.

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